I am on the Vaniki Server where level 50 is our current max level and Gates of Discord is our current top expansion. I have received this Journeyman's Compass on my druid, cleric, and enchanter. Other Than the Legacy of Yekesha expansion, I have only been in Gloomingdeep, South Ro, Sol A, PoK and the Wayfarer Camps. I received this Journeyman's Compass on my Druid first as I was exploring the mob levels in the various Gunthak (LoY) Zones. I got it in the last zone, Hate's Fury, as I zoned in. I tried zoning into Hate's Fury for the item but didn't get it. After looking it up here and then looking, on my druid's screen, at the Hate's Fury link in chat window from where my enchanter and cleric got the Hate's Fury Traveler achievement, I noticed they only needed Torgorin Mines Traveler achievement to have all for LoY done. I started moving that way hoping that would allow me to get the Journeyman's Compass on them as well. Sure enough, as soon as my enchanter and cleric zoned into Torgorin Mines, they got the compass. I will try to send a picture of what it says on the "inspect item" picture.
There is minimal information about how all this works. That is why I am posting more information as I learn it.
When my druid first got this compass, there was nothing in his ammo slot so the compass defaulted to there instead of my inventory. When I click on it to bring up the information/stats window, I see it is insta-cast and says, "Activating this compass unlocks further ranks of the alternate ability 'Journeyman's Speed' based on the number of explorer achievements you have completed." This is an AA found on the "Special" tab in your AA window. Its description says it don't stack with movement speed spell effects. The first rank increase base run speed by 1%. I also checked the "Innate Run Speed" AA and it says the first ranks increases base run speed by 8%. There is nothing that I have found saying these do not stack so I am going to explore more to build my 'Journeyman's Speed' as well as do the Innate Run Speed once AA's are available to us in about 5 weeks I think. For anyone else checking on this, keep in mind you can see your "Velocity" on the "stats" tab of your inventory window.
This item also fits the Primary, Secondary, Range, and Ammo slots.